Acting for the environment
It is our strong conviction that climate change and environment preservation are the greatest global challenges our humanity face today. To reduce our own environmental footprint, we have set out to reduce our Greenhouse gas emissions by -1Mt CO2 by 2025 ensuring our growth does not come at the expense of the planet. With this goal in mind, we have applied an internal carbon price to steer our economic decisions, we champion energy savings and renewable power every day through initiatives such as our long term power purchase agreement with a large solar farm in the USA or with Solwatt®, our energy effciency program. Also striving to mutualize energy, we entered into a unique urban energy partnership with the Metropolis of Grenoble to create a virtuous circle of energy.
In November 2015, Solvay set a long-term objective regarding greenhouse gas emissions: to reduce its Greenhouse gas emissions intensity by 40% by 2025 vs. 2014.
In September 2018, Solvay launched a new step with a new long term target - Solvay committed to reduce its absolute GHG emissions of its operations by 1 Mt CO2 by 2025, compared with the 2017 level, at constant scope. Effectively fighting global warming requires decreasing GHG emissions in absolute value.
Solvay is disconnecting its GHG emissions from its growth prospects. This commitment is putting Solvay at the forefront of the chemical industry in the fight against climate change, with the hope its level of ambition will soon spread throughout the industry.
Furthermore, since January 1, 2016, Solvay has applied an internal carbon price of €25 per metric ton CO2 equivalent on greenhouse gas emissions, to take into account climate challenges in its investment decisions.
An externally verified and structured greenhouse gas emission reporting system and responses to rating agencies such as the Carbon Disclosure Project help the Group align its efforts on the effectiveness of its greenhouse gas challenges.
Key levers to achieve our objectives:
- Continuously improve energy efficiency
- Improve the CO2 footprint of our energy mix through initiatives such as conversion to biomass firing or renewable electricity sourcing
- Reduce GHG emissions released from our chemical processing operations
- Apply an internal carbon price (€25/metric ton of CO2 eq.) to GHG emissions in all our investment decisions
- Include a metric on GHG intensity in senior management remuneration